Banking News

The prospect of record low savings rates continuing is forcing many savers to review how they allocate their capital in an attempt to achieve the level of returns they have previously enjoyed. Investing in the stock market inevitably involves putting your capital at risk however there is a middle ground which continues to attract increasing interest – the structured deposit. With this in mind, we take a deeper look at this savings alternative to help understand why more and more savers are starting to see their appeal. more

With the current economic environment asking savers far more questions than it gives answers, it is good to know that there are alternatives available. We take a look at one such alternative that is proving particularly popular as savers face the harsh reality that the more traditional fixed rate savings products are failing to meet their needs. more

Millions of savers are facing the harsh realisty that there is little hope of change to interest and savings rates in the coming years. However, those with Cash ISAs do have one further option to consider – the ISA transfer. We take a closer look at why this is becoming a rising trend as well as what this could mean for those looking for the potential to improve the returns from their capital. more

With so many savers joining income investors in the hunt for high yields, being able to quickly understand and compare the numerous options available has become even more important. We therefore compare two of our most popular income investments to help understand what is driving their popularity and why they might meet your income needs. more

Britannia Co-operative merger offers ethical banking alternative

03 August 2009 / by Andy Davies

Britannia Building Society and The Co-operative Bank have completed their merger and aim to offer customers an ethical alternative to banking.

It is hoped the merger will create a "trusted and ethical alternative to shareholder-owned banks", whilst having £70billion worth of assets.

The merger means there will be more than 300 branches of the Co-operative Financial Services (CFS) across the UK and the company will employ more than 12,000 people.

Back in April, Britannia's members voted nine to one in favour of the merger meaning Britannia becomes a wholly-owned subsidiary of The Co-operative Group.

The merger will, according to The Co-operative, "bring together Britannia's extensive high street presence and savings and mortgage product strength, with the personal and corporate banking, insurance and fund management expertise of CFS."

Neville Richardson, former chief executive of Britannia and will now lead the new financial institution, while Bob Burlton, currently non-executive chairman of the CFS, will lead the new board.

Neville Richardson, commenting on the merger and what it means for ethical banking, said:

"Trust has become a scarce commodity in other financial businesses of late and we aim to provide a genuine alternative to those disillusioned with shareholder owned banks; ours will be an ethically-led organisation, which will reward members and be completely accountable to them."

Bob Burlton believes the timing of this new financial service could not have come at more appropriate time for consumers, he added:

"This merger creates a mutual organisation with the scale, financial strength and reputation to provide a wide range of enriched ethical products to millions of UK households, and we are doing this at a time when many people are calling into question the integrity of their banks."

Capital protected deposit plan with the potential to mature after years 3, 4, 5 and 6. If the plan matures early it will return 4% times the number of years the plan has been in force. Also available for Cash ISA and ISA transfer.

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